Set I ECON 3910 Instructor: Faraz Farhidi Fall 2023 1. Below is the information for firm Carrot Brothers: Q = 0.25*K*L C = 0.15 0.15*K 0.10*L a. What is the production frontier of this firm (CRS, DRS, or IRS)? (0.4 point) b. Setting the capital fixed at 2 (K = 2), what is the MPL? (0.4 point) c. Setting the labor fixed at 2 (L = 2), what is the MPK? (0.4 point) d. What is marginal cost of capital of the firm? (0.4 point) e. What is marginal cost of labor of the firm? (0.4 point) f. Calculate MC, ATC, AVC, and AFC for the firm if L = 3, and K=2, K=3